VTB Bank has opened a revolving credit line with a total drawdown limit of RUB 1.9 billion and maturity in late December 2016 to Setl Group. The loan will be used to partially finance the construction of a business-class residential compound, The Residence, on Maly Prospekt on St Petersburg’s Vasilyevsky Island.
The new residential compound will comprise two buildings of eight and nine floors, with a total of 442 flats. The ground floors will have integrated commercial premises, and there will be a garage for 300 vehicles in the basement. A children’s educational institution, recreational areas, promenades, children’s playgrounds and a security and video surveillance system are planned on the premises. Total investment in the project is estimated at RUB 3.4 billion, with commissioning scheduled for the second quarter of 2016.
Other Setl projects that VTB has helped finance include a comfort-class residential compound, More, and the reconstruction of the Mikhailovskaya Dacha palace and gardens.